The US NFP on Friday surprised the markets as the data came out much better than expected. I would argue that the part that weighed the most was the strong average hourly earnings figures. Now, I'm not an economist, so I try to look at it from a market participant's perspective gathering analyses from the experts in labour market data. Let's look at some of them. Unemployment RateThe unemployment rate edged higher and set a new cycle high at 4.0%. The unrounded number was 3.96%, which is a bit less worrying.The chart below from @econberger on X, shows that the entirety of the May increase in the unemployment rate came from re-entrants and new entrants and the unemployment due to permanent la
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